ED attaches properties of Alliance University ex-chancellor, associates

A file photo of Alliance University in Bengaluru.   | Photo Credit: TANU KULKARNI

The Enforcement Directorate (ED) has provisionally attached assets worth ₹19.43 crore belonging to Madhukar G. Angur, former Chancellor, Alliance University, as well as Priyanka M. Angur, Ravi Kumar K., Shruthi, and Pavana Dibbur under the provisions of the Prevention of Money Laundering Act.

The attached assets are in the form of one bank account, six flats and two pieces of land.

The Enforcement Directorate initiated money laundering investigation on the basis of a FIR registered by the Bengaluru police against Madhukar and his associates under various sections of the Indian Penal Code.

Illegal bank accounts

According to Enforcement Directorate officials, the money laundering investigations so far have revealed that Madhukar asked parents to deposit the fees of their children into bank accounts that were illegally opened in the name of Srivari Educational Services.

Parents of about 4,500 students were persuaded to deposit the fees to the tune of ₹107 crore, which was siphoned off by Madhukar and others during 2016 and 2017 in the name of collecting tuition fees, hostel fees, and other fees illegally from the student community, the Enforcement Directorate officials said.

Personal use

Investigations further revealed that a huge amount of money was transferred from Srivari Educational Services bank account to the personal bank accounts of Madhukar, Priyanka, Ravi Kumar, and Shruthi and it was withdrawn by them in cash and utilised for personal benefits, the Enforcement Directorate alleged.

The Enforcement Directorate officials are further investigating the case.

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Printable version | Oct 19, 2021 3:03:53 AM |

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